Trader Joe’s Grocery Chain Sues Trader Joe

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Proof of Work Podcast:

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Daily News:

Cyprus Proposes Penalties for Unregistered Crypto Firms

Trader Joe’s Grocery Chain Sues Trader Joe (DEX)

Gemini’s Increased India Expansion

Cyprus Proposes Penalties for Unregistered Crypto Firms:

• Cyprus proposes strict regulations for cryptocurrency companies, with penalties including fines of up to €350,000 and jail time of up to five years for non-compliance, making it one of the most stringent globally.

• The regulations are in line with global anti-money laundering standards, aiming to enhance oversight and curb illegal activities. However, local industry voices are concerned about potential overregulation, especially for EU-based companies already registered elsewhere.

• Despite positioning itself as a blockchain-friendly hub, Cyprus is under pressure to balance its welcoming stance with robust regulatory standards, leading to ongoing debates about the specifics of the proposed regulations.

Trader Joe’s Sues Trader Joe:

• American supermarket chain Trader Joe’s has filed a lawsuit against a crypto platform named “Trader Joe” and its co-founder Cheng Chieh Liu, accusing them of intentionally leveraging a similar name and branding to the well-known grocery brand.

• The crypto firm's logo showcases “Trader Joe” in a red cap, echoing the supermarket's primary brand color. The lawsuit claims that the crypto company, launched in 2021, uses aliases internally and externally, suggesting an intention to avoid legal consequences.

• Trader Joe’s seeks a court order to stop the crypto platform from using its name or variations, take ownership of related domain names, and receive unspecified damages. The crypto platform's development team declined to comment on the allegations.

Gemini Expands Further Into India:

• Gemini is expanding its Indian operations, following a $24 million investment. They've hired Sachin Ranglani as Vice President and India Head, who brings a rich tech background from companies like Paytm, Uber, Amazon, and Infosys.

• The company's engineering center in Gurgaon, near Delhi, is set to play a significant role in Gemini's growth. With over 70 current employees, the center plans to expand to over 100 staff by the end of 2023, and doubling that by 2024. The team focuses on various domains including compliance, security, and payments, and is actively hiring across multiple roles.

• Gemini recognizes India as a hub for exceptional tech talent and plans to make its Gurgaon office the second-largest engineering hub, following the U.S. The exchange's crypto trading products are also ready for both retail and institutional Indian customers. This Indian expansion mirrors Gemini's growth approach in Singapore.

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